In recent years, many states have made recreational cannabis legal for consumption by adults 21 and older, creating a new and booming industry. For those looking to get involved, holding specialty cannabis insurance can go a long way towards protecting yourself and your business.
Who Can Get Covered
Individuals and businesses at all levels of the supply chain can be covered by this insurance. This includes growers, laboratories, distributors and wholesalers, medical dispensaries and retail sellers.
Some types of protection included under specialty cannabis insurance are general liability, product liability and commercial property coverage. Depending on your operations, you may pick and choose from options in these and other categories to get the complete protection you need.
When Things Go Wrong
Your insurance can also include protection for unexpected incidents. This includes coverage for workers’ compensation and protection from employee theft and dishonesty, as well as coverage for equipment breakdown and business interruption. Different businesses have different risks, and you should choose your coverage accordingly.
Many people want to get in on the ground floor as the commercial cannabis industry takes off in the United States. As you get started on your business journey, be sure to seek out specialty cannabis insurance to stay protected as you grow.